New Firm Acquires Hercules Offshore Domestic Liftboats

MarineLink.com
Monday, July 01, 2013

All Coast, LLC, a newly formed company for the marine services industry founded by John Powers and John Nesser III, has completed the acquisition of Hercules Offshore’s domestic liftboat assets.

This $57.5 million acquisition includes 29 actively marketed liftboats ranging from class 105 to class 229, 10 inactive liftboats and additional related assets.

Powers and Nesser, All Coast managers and co-chief executive officers, each have more than 40 years of experience in the oil and gas, engineering and maritime industries.

Throughout his career, Powers has owned and operated  numerous energy and marine services companies including Power Offshore Services, LLC; Reeled Tubing, LLC; Seatrax, LLC; and Coastal Drilling Co.

Previously, Nesser served as the executive vice president and chief operating officer for McDermott International, where he held executive positions for more than 10 years.

All Coast domestic operations will be led by Byron Allemand, vice president and chief operating officer, and the operations center will remain in Lafayette, La.

Nesser commented that “John and I have been looking for the opportunity to re-enter the liftboat industry as owners and operators for several years.

“We look forward to the challenge of serving the offshore market with the highest standards of service and safety,” Nesser further noted. “We expect to grow All Coast and expand our fleet with new acquisitions and new builds.”

Joining Powers and Nesser is The Fleming Corporation, a private equity investment firm that will provide capital and a long-term perspective on value creation. The new owners are committed to growing the fleet’s market-leading position. Financing for the acquisition and working capital has been provided by Whitney Bank.

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Illegal Fishing Threatens to Revive Somali Piracy

Somali officials say foreign ships plundering fish stocks; Somali piracy greatly reduced due to security measures. A rise in illegal fishing off Somalia could spark a resurgence in piracy,

USCG Rescues 9 from Canadian Tall Ship

Coast Guard search and rescue crews from Station Gloucester, Air Station Cape Cod and the Coast Guard Cutter Ocracoke rescued nine crewmembers from the Canadian

MOL to Name New Chairman, President

Mitsui O.S.K. Lines, Ltd. today announced the appointment of a new chairman and president.   Current President and Representative Director Koichi Muto will assume

Ship Sales

A Better Charter Market in 2016?

Shipowners that charter out container ships to liner operators are hopeful that 2016 will bring increased demand and higher charter rates for containerships, JoC reports.

Ship Ownership is a Closely Held Market

Even though shipping is a global industry, ownership is fairly well concentrated in a relatively small number of major centres, says a research from Clarksons.

CMA CGM to Add Ships, Pursue More Economies

CMA CGM, the world's third-largest container shipper, announced on Monday plans to order three giant vessels and said higher volumes and profit last year showed

Liftboats

Carnival Sails to Profit

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28.   That

Expanded Panama Canal to be Operational by April 2016

The widened Panama Canal is expected to finally be up and running in April 2016, after months of delays and cost overruns, AFP reports. The expansion project area will allow bigger ships to transit,

VesselVanguard wins Chris-Craft Order

Digital Boat Profile and Customer Service Portal Gives Cutting Edge Options for Vessel Management to Boat Owners Palm Beach Gardens, Fla. VesselVanguard,

People in the News

Illegal Fishing Threatens to Revive Somali Piracy

Somali officials say foreign ships plundering fish stocks; Somali piracy greatly reduced due to security measures. A rise in illegal fishing off Somalia could spark a resurgence in piracy,

BP Terminates GoM Rig Contracts

BP terminated contracts for two deepwater oil drilling rigs in the Gulf of Mexico as the British oil company slashes its exploration budget due to fallen oil prices.

USCG Rescues 9 from Canadian Tall Ship

Coast Guard search and rescue crews from Station Gloucester, Air Station Cape Cod and the Coast Guard Cutter Ocracoke rescued nine crewmembers from the Canadian

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1468 sec (7 req/sec)